All Forum Posts by: Elisa Zhang

Welcome @Nick He. We just got a backyard cottage permit in Seattle for our primary residence. You can message me on the details if you want. We also just got a 4-plex and in looking for more. Looking at a different thread you are on, seems you are also looking at commercial loans. Man, we are kind on the same path here. Definitely look forward to connect!

Thank you everyone for your input! We have decided on selling it and put our money in hopefully a bigger multi plex a bit outside of Seattle. We are getting it ready to sell and start the hunt. 

@Mike Catalfamo, this is great analysis! 

Thank you, Eric, for the insight. We are learning on sell at this point, but am a bit stuck with Seattle's market right now, as it is hard to find where I put the money into. I am going to try for a 1031, but good advice on not having the tax clouding my judgement as well. This advice helps me clear my head and cut my emotional tie with the condo. I generally just don't like the HOA.

@Brent Coombs, well put! I am leaning heavily on sell. It just means I have to look very hard to find a better place to put my money in this market. I need to just over my low mortgage rate that I will never get again. :)

I have an investment condo that I am thinking about selling. Here are the numbers. I am only hesitating because the great mortgage rate and term I get.

Rent: $1850/month

Cost: 0% vacancy for past 5 years

5% cap exp (appliances only as others are covered by HOA)

HOA $360 Going up 10%/year

Mortgage 15 year for 3.25% Monthly payment with P&I $1700

Worth: $330000 Bought it for $225000 Owe $140000

Downside: It has been negative cash flow due to the 15 year mortgage on this. I could be missing out opportunity to find better place with better returns on cash flow, but maybe not as great appreciation. I don't really like HOA.

Upside: This is in high demand area with no issue renting at high price. My goal is retire in 10-12 years, in which case this place will be paid off and I would profit about $1400 dollars even with the HOA. Great appreciation likely.

Should I sell it?

Thanks a bunch.

Elisa

Hi, all. This is my first post on BP. I have been reading BP for the past couple months. Learned a lot. I am currently evaluating two places to buy. This is my first multiplex. I would like to hear some opinions on which one I should go with. Assuming following rentals are same price

1. Total fix upper. 4plex. I can put $100k down to fix it up and get the rent from $2500 to about $4800. Of course I will do it one at a time. All one bedroom units.

2. All updated. Duplex. It is under priced in rent now because seller is in bankruptcy. I have to wait until March next year to close. I can raise the rent from $2300 total to about $4000 maybe a bit more. This is slightly better location and more attractive to family. All 3bd/1bath. 

In general, is more units the better? Do you typically go for more fix upper and rehab it or under value properties? 

Thanks a bunch.

Elisa